Horticulture Lighting Market is expected to reach US$ 11,383.5 Mn in 2027: Agrolux, Bridgelux, Signify, Heliospectra and PARsource

Advancements in Greenhouse and Indoor Farming Techniques to Support Growth of Horticulture Lighting Market

According to our latest market study on “Horticulture Lighting Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Technology (Fluorescent Lamps, High Intensity Discharge Lights, and LED Lights), Application (Greenhouses, Vertical Farming, and Indoor Farming), Cultivation (Fruits and Vegetables and Floriculture), and Geography,” the market was valued at US$ 2,730.8 million in 2019 and is projected to reach at US$11,383.5 million by 2027; it is expected to grow at a CAGR of 20.2% from 2019 to 2027.

The report highlights key factors driving the market growth, and prominent players and their developments in the market.

Get PDF Sample Copy @ https://www.theinsightpartners.com/sample/TIPRE00005263/

Growing awareness about sustainable crops and increasing government initiatives in various developed as well as developing countries to support sustainability are expected to boost the adoption rate of horticultural lighting systems during the forecast period. For example, horticulturalists across the Netherlands, the second-largest exporter of agricultural products after the U.S., are experimenting with the use of multi-colored LEDs for potential yield enhancement, product quality and taste improvement, as well as cost reduction of greenhouse energy. Similarly, the government of the Netherlands is focusing on the deployment of a geothermal heat plant, which involves drilling at great depths through stratum and installing heat exchangers. Through various incentives, such as soft loans and tax breaks, the government has supported the growers.

Furthermore, the legalization of cannabis for medicinal purposes by various governments globally over the past few years is accelerating the growth of the market. In the U.S., in 33 states, including Alaska, Arizona, Connecticut, Delaware, Columbia District, Arkansas, California, Colorado, Florida, Hawaii, and Illinois, the government has legalized medical cannabis. In Canada, cannabis purchases have been fully authorized across the country as well. Europe is the most advanced region regarding cannabis legalization for medicinal purposes. Countries, such as the Netherlands, Germany, Italy, Romania, Norway, Poland, and Greece, have fully legalized medical cannabis access. Such initiatives taken by the government is the primary driving factor for the global horticulture lighting market.

The global horticulture lightingmarketis concentrated with a few well-established players,such as Agrolux; Bridgelux, Inc.; Signify N.V.; Heliospectra AB; PARsource; Lumileds Holding B.V.; Hortilux Schréder B.V.; OSRAM Licht AG; General Electric Company; and Hubbell, Inc.

COVID–19 Impact on Horticulture Lighting Market

According to the latest situation report from the World Health Organization (WHO), the US, India, Spain, Italy, France, Germany, UK, Russia, Turkey, Brazil, Iran, and China are some of the worst affected countries due to COVID-19 outbreak. The outbreak first began in Wuhan, China, during December 2019, and since then, it has spread at a fast pace across the globe. As of August 12, 2020, there are around 20,162,474 confirmed COVID-19 cases globally, with ~737,417 total deaths, and the number is growing at varying rates in different countries. The COVID-19 crisis is affecting the industries worldwide, and the global economy is anticipated to take the worst hit in 2020, which is likely to have impact on 2021 as well. The pandemic has disturbed horticulture businesses and suppliers around the globe. Fresh vegetables and fruits have become increasingly scarce in various regions since the COVID-19 pandemic has hampered the global movement of crops and the people required to gather crops.

Market Insights–Horticulture Lighting Market

Government Initiatives

Growing awareness about sustainable crops and increasing government initiatives in various developed as well as developing countries to support sustainability are expected to boost the adoption rate of horticultural lighting systems during the forecast period. For example, horticulturalists across the Netherlands, the second-largest exporter of agricultural products after the U.S., are experimenting with the use of multi-colored LEDs for potential yield enhancement, product quality and taste improvement, as well as cost reduction of greenhouse energy. Similarly, the Dutch government is focusing on the deployment of a geothermal heat plant, which involves drilling at great depths through stratum and installing heat exchangers. Through various incentives, such as soft loans and tax breaks, the government has supported the growers.

Furthermore, the legalization of cannabis for medicinal purposes by various governments globally over the past few years is accelerating the growth of the market. In the U.S., in 33 states, including Alaska, Arizona, Connecticut, Delaware, Columbia District, Arkansas, California, Colorado, Florida, Hawaii, and Illinois, the government has legalized medical cannabis. In Canada, cannabis purchases have been fully authorized across the country as well. Europe is the most advanced region regarding cannabis legalization for medicinal purposes. Countries, such as the Netherlands, Germany, Italy, Romania, Norway, Poland, and Greece, have fully legalized medical cannabis access. Such initiatives taken by the government is the primary driving factor for the global horticulture lighting market.

Technology-BasedInsights

Based on technology, the horticulture lighting market is segmented into fluorescent lamps, high intensity discharge lights, and LED lights.LED lights held the largest share of the horticulture market. The unique properties of LED lights, such energy-efficiency, low heat production, compact size, and lifespan up to 50,000,are anticipated to drive their demand in horticulture lighting application during the forecast period.

Application-Based Insights

Based on application, the horticulture lighting market is segmented into greenhouses, vertical farming, and indoor farming. The greenhouses allow horticulturists to carry out their practices in a covered and controlled environment that ensures optimum yield. Greenhouses trap and retain sunlight and moisture. This makes it a preferred choice for farming professionals to grow different plant types.

Cultivation-Based Insights

Based on cultivation, the horticulture lighting market is segmented into fruits and vegetables and floriculture.The fruits and vegetables segment includes a variety of entities, including tomatoes, basil, mint, mustard greens, lettuce, and cucumbers. On the other hand, the floriculture segment comprises roses, African violets, cannabis, poinsettia, and begonia. The cultivation of fruits and vegetables is carried out on a much larger scale than the floriculture. Thus, the former segment holds a larger market share and is likely to continue the same in the coming years.

Order a Copy of This Research Study @ https://www.theinsightpartners.com/buy/TIPRE00005263/

The Horticulture Lighting Market research study is designed keeping in focus all the major countries. Although, all these countries & their market trends were accounted for while composing it, detailed sections are available for only the spearheads. In case if you would be interested in specific countries which are not covered in the current scope, kindly share the list & we can customize the study based on the geographical scope defined by you.

ABOUT US:

The Insight Partners is a one stop industry research provider of actionable solutions. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are specialist in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

Our research model is very simple. We believe in client servicing and delivering best quality to our customers. Through our research content, we are making sure that our customers get value of their money along with better quality data and analysis.

Our research content is majorly focused towards market trends in terms of market sizing, competitive landscaping, company analysis, regional or country analysis etc. We provide detailed break-up of segmentation in terms of geography, technology, product and services etc.; which helps our clients to get a deeper analysis on various research topics.

Contact US:

If you have any queries about this report or would like further information, please contact us:

North America: +1 646 491 9876

Asia-Pacific: +91 20 6727 8686

Email: sales@theinsightpartners.com

 

 

 

 

Related Articles

Back to top button